OA Realisations Limited (07526586): administration
- Status
- Administration ended
- Administration began
- 2024-02-12
- Administrators
- Cameron Gunn, Mark Supperstone
- Administrators' firm
- ReSolve
- Formerly
- On Associates Limited; On Design Studio Limited
- Incorporated
- 2011-02-11
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Rising interest rates
From the administrators' statement
ON Associates Limited (ON) was founded in 2011 by director Tu Dinh Duong, and provided strategy, design and development services to a growing list of agency partners. With the arrival of the COVID-19 pandemic in 2020, use of digital services accelerated considerably and so two new directors, Barry Cumberlidge and Guanglun Wu, were brought in to build the digital agency.
By January 2021, ON comprised a small team of eight individuals and scaled rapidly to service a network of six brand/design agencies, and an extended network of ex-Chief Marketing Officers (CMOs) that the Company had worked with previously. The business was geared heavily towards venture-backed start-up businesses, typically working with marketing websites at early stages of funding.
By the end of 2021, ON achieved turnover of £1.4m and operating profit of £150k, and had a team of 49 employees and 12 freelancers working on a semi-permanent basis. The high demand for services continued, and the services ON offered evolved into deeper and more complex web applications.
Administrators' statement of proposals (2024-02-24) · Companies House register